India’s Aviation Market
India’s Aviation Market INDIA’S AVIATION MARKET IS EXPECTED TO BE WORLD’S THIRD LARGEST BY 2024. The civil aviation industry in India has emerged as one of the fastest growing industries in the country during the last three years. India has become the third largest domestic aviation market in the world and is expected to overtake UK to become the third largest air passenger market by 2024. India’s passenger traffic stood at 341.05 million in FY20. It grew at a compound annual growth rate (CAGR) of 11.13% during FY16-FY20. In FY21 (from May 2020 to March 2021), airports in India pegged the domestic passenger traffic to be 53.4 million, a y-o-y declin